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Paxos Crypto News: What to Know as Bank of America Embraces the Blockchain

Stablecoin plays such as Paxos (CCC:PAX-USD) are starting to pique investor interest more than ever. Paxos crypto represents “the first regulated blockchain infrastructure platform.” Accordingly, investors bullish on the underlying blockchain technology, but unsure of regulatory risks with respect to cryptocurrencies, have flocked to such options.

The website for the Paxos (PAX) crypto displayed in front of a logo background.

Source: Grey82 / Shutterstock.com

I certainly find myself in this boat. I think Paxos’ platform is extremely intriguing, and that it warrants a second look from investors.

Paxos’ value proposition is one that is simple to understand. The company hopes to be the blockchain solution of choice for enterprise clients such as financial institutions and fintechs. Indeed, if the world does shift to an open financial system, Paxos is hoping to take the lead in this regulated space.

Today, it appears investors in Paxos have another big catalyst to look to as a reason to own this crypto option. Let’s dive a bit more into what may take Paxos on an interesting ride form here.

Bank of America Is Jumping Aboard the Paxos Crypto

Today, Bank of America (NYSE:BAC) announced it will be joining the Paxos network. The bank’s support for blockchain solutions as an innovative way of speeding up transactions is one the financial services industry is increasingly gravitating toward. As a result, Bank of America will be able to settle stock trades in a few minutes as opposed to a few days.

Indeed, Paxos has already signed on a range of big names as clients on its network. Both Credit Suisse (NYSE:CS) and Nomura Holdings (NYSE:NMR) have already signed onto the Paxos settlement service. Whether or not this move was made in a bid to stay abreast of the inevitable changes in this sector, or an attempt to gain an early mover advantage, remains to be seen. However, Bank of America’s support for the Paxos network is a bid of confidence for investors in PAX.

Today, PAX is generating much more positive sentiment than its peers Bitcoin (CCC:BTC-USD) and Ethereum (CCC:ETH-USD). Investors appear keen to diversify cryptocurrency holdings, and are looking for the innovative wave of the future.

In this regard, Paxos’ future looks bright.

On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.


Article printed from InvestorPlace Media, https://investorplace.com/2021/05/paxos-crypto-news-what-to-know-as-bank-of-america-embraces-the-blockchain/.

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